Philippines' SM Prime plans $562 mln retail bond offer

MANILA May 5 (Reuters) - Philippine property developer SM
Prime Holdings Inc said on Monday its board has
approved a retail offering of up to 25 billion pesos ($562
million) worth of fixed-rate bonds to finance its expansion
projects.

The bonds will be offered with tenors of five years and six
months, seven years and/or 10 years, it told Manila's stock
exchange.

SM Prime, one of Southeast Asia's biggest property groups,
said last month it would invest at least 400 billion pesos
between 2014 and 2018 to expand its businesses in the
Philippines and in China where it operates shopping malls.

The $10 billion company, which also builds homes and leases
office space, is owned by the Philippines' richest man, Henry Sy
Sr.